3 edition of Are technology improvements contractionary found in the catalog.
Are technology improvements contractionary
|Statement||Susanto Basu, John Fernald, Miles Kimball.|
|Series||NBER working paper series -- no. 10592., Working paper series (National Bureau of Economic Research) -- working paper no. 10592.|
|Contributions||Fernald, John G., Kimball, Miles S., National Bureau of Economic Research.|
|The Physical Object|
|Pagination||56 p. :|
|Number of Pages||56|
tic, contractionary fiscal policy. Suppose Congress believes that the economy is entering a recession and approves a budget that includes increased overall government spending (with no corresponding increase in taxes) in order to stimulate aggregate demand. We think of contractionary improvements as process innovations and motivate the difference to TFP improvements in a simple DSGE model. Both shocks increase productivity in the long run, but have.
Discover the best Technology in Best Sellers. Find the top most popular items in Amazon Books Best Sellers. output can actually fall after a technology improvement, matching the pattern we observe in U.S. data.2 Of course, technology improvements will be contractionary only if the monetary authority does not offset their short-run effects through expansionary monetary policy. This possibility seems particularly.
Contractionary policy refers to either a reduction in government spending, particularly deficit spending, or a reduction in the rate of monetary expansion by Author: Andrew Bloomenthal. Trend Breaks, Long-Run Restrictions, and Contractionary Technology Improvements* John G. Fernald Federal Reserve Bank of San Francisco This draft: June Abstract Structural vector autoregressions with long-run restrictions are extraordinarily sensitive to low-frequency correlations.
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Yes. We construct a measure of aggregate technology change, controlling for aggregation effects, varying utilization of capital and labor, nonconstant returns, and imperfect competition.
On impact, when technology improves, input use and nonresidential investment fall sharply. Output changes g: book. The E-mail Address(es) you entered is(are) not in a valid format. Please re-enter recipient e-mail address(es). You may send this item to up to five recipients.
Separate up to five addresses with commas (,) The name field is required. Are technology improvements contractionary. [Susanto Basu; John G Fernald; Miles S Kimball; National Bureau of Economic Research.] -- "Yes. We construct a measure of aggregate technology change, controlling for varying utilization of capital and labor, non-constant returns and imperfect competition, and aggregation effects.
Are Technology Improvements Contractionary. by Susanto Basu, John G. Fernald and Miles S. Kimball. Published in vol issue 5, pages of American Economic Review, DecemberAbstract: Yes.
We construct a measure of aggregate technology change, controlling for aggregation effects, Missing: book. Are technology improvements contractionary book argue that technology improvements are still likely to be contractionary, reflecting the fact that central banks react with a lag.
Indeed, the experience of obser ving monetary policy in the. NBER Program(s):Economic Fluctuations and Growth, Monetary Economics, Productivity, Innovation, and Entrepreneurship Yes. We construct a measure of aggregate technology change, controlling for varying utilization of capital and labor, non-constant returns.
Downloadable. Yes. We construct a measure of aggregate technology change, controlling for imperfect competition, varying utilization of capital and labor, and aggregation effects.
On impact, when technology improves, input use falls sharply, and output may fall slightly. With a lag of several years, inputs return to normal and output rises strongly.
On impact, when technology improves, input use and nonresidential investment fall sharply. Output changes little. With a lag of several years, inputs and investment return to normal and output rises.
On impact, when technology improves, input use and nonresidential investment fall sharply. Output changes little. With a lag of several years, inputs and investment return to. Technology has had a very disruptive effect on the book publishing and retailing industries, but has it also given the book a new lease of life.
VOL. 96 NO. 5 BASU ET AL.: ARE TECHNOLOGY IMPROVEMENTS CONTRACTIONARY. cially durable consumption and residential in- vestment) rises on impact and rises further with a lag. Thus, after a year or two, the response to our estimated technology series more or less matches the predictions of the standard, fric- tionless RBC model.
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Journals & Books; Register Sign in. Trend breaks, long-run restrictions, and contractionary technology improvements Recent literature finds that the estimated effects of technology shocks are sensitive to how one treats hours per capita.
However, after allowing for (statistically and economically significant) trend breaks in Cited by: Basu et al. () use an augmented-growth accounting approach to identify technology shocks, using controls to distinguish technology change from the myriad short-run non-technological effects that affect the Solow residual (e.g., variations in fact or utilization).
4 As in this paper, they find that technology improvements reduce hours on by: On the other hand, social media has made it easier for people to discuss books and literature.
Book Twitter, book blogs, Booktube—all of these are previously unimaginable methods of. Fernald, J. (): Trend Breaks, Long-Run Restrictions, and Contractionary Technology Improvements, Journal of Monetary Economics, 54(8), Fernald, J. (): A Quarterly, Utilization-Adjusted Series on Total Factor Productivity, Working Paper SeriesFederal Reserve Bank of San Francisco.
In contrast, technology improvements in the recovery were so rapid that, over the whole Great Depression period, technology growth was highest among pre-WWII decades. This article also finds that output changed little and inputs fell when technology improved in the pre-WWII by: 3.
Trend breaks, long-run restrictions, and contractionary technology improvements Journal of Monetary Economics,54, (8), View citations (88) Will fast productivity growth persist? FRBSF Economic Letter,(apr6) View citations (4) Are Technology Improvements Contractionary?The most comprehensive attempt to tell the story of Western technology in many years, engagingly written and lavishly illustrated, A Culture of Improvement documents the ways in which the drive for improvement has shaped our modern world.4/5(10).Search the world's most comprehensive index of full-text books.